New Investor in Chicago, Illinois

[Michael Mayer]

Hello my name is Michael and I am looking into real estate as a means of growing my wealth. I have absolutely no experience in real estate and I've maybe hammered 4 nails in my entire life. I don't want to let that discourage me!

I currently work a full time job as an engineer in the oil and gas industry. I contribute a lot to my 401k and HSA, but I still have some money saved in excess. Because of this, I want to pursue a new opportunity to amass wealth and passive income rather than wasting it. My future self will hopefully thank me.

My short term goals are to house hack and/or BRRR my first multifamily rental. I am most interested in buy and holds for multifamily in the Chicago area. I hope to find solid cash on cash returns. While I have strong savings, I don't want to plop everything on my first deal. I originally thought "there are no deals in Chicago!" but after reading more and listening to more podcasts I just need to hustle and hunt. I hope to network with more people in the Chicago area that can help me understand the areas. I am unfortunately not from here so it's a little tough for me to understand what is "up and coming" versus "don't go here at night."

Look forward to networking with the community and learning as much as I can.

Thanks!

[Marcin Talaga]

Hi Michael, you have the right idea!!!  One piece of advice, be patient!  There are deals in Chicago, it just takes time and patience to pick up the right ones.  You'll learn as you get into it.  If you would like any help or advice, feel free to reach out.  

Marcin